Tax

A notice issued to Pepsico demanding royalty withholding tax over bottling payments made by Schweppes correctly notified the soft drink giant of its tax liability, the Australian Taxation Office has said.

SingTel has been blocked from making $190,000 in tax deductions after the Australian Taxation Office won its Federal Court case against the Singaporean teleco over transfer pricing benefits related to the $14.2 billion acquisition of Optus.

The Canberra developer behind the Manhattan on the Park apartment building in the national capital has been hit with a class action on behalf of home buyers who were allegedly misled into paying GST on the price of their property.

A new taxation super-group is on the horizon, with leading tax advisory firm Greenwoods set to join the ranks of PwC Australia’s financial advisory business in the midyear, amid a “war for talent” in the sector. 

The ATO has secured freezing orders on $220 million in capital gains tax arising from the $19 billion private equity sale by China's State Grid of its substantial shareholding in energy infrastructure giant AusNet.

The High Court has shot down Greensill founder Lex Greensill's bid for special leave to challenge a finding that he owes tax on $58 million in capital gains, including income from the sale of shares in the collapsed UK-based supply chain finance company.

Johnson Winter & Slattery has snagged two tax bigwigs from Deloitte and KPMG Law to meet growing client demand for tax advice from law firms.

PepsiCo has launched proceedings disputing claims by the Australian Taxation Office that amounts paid by Schweppes for local bottling and distribution services were royalties and had to be taxed accordingly.

Lawyers will need to review their income arrangements in light of new tax guidelines that could expose them to greater ATO scrutiny, says Pitcher Partners executive director Ashley Davidson.

Allens has lured leading M&A tax lawyer Ellen Thomas from PricewaterhouseCoopers to strengthen the Big Six firm's expertise in mergers and acquisitions and finance transactions.